Energy Minister Josh Frydenberg has put energy retailers on notice to give customers a better deal, but has repeatedly declined to say what action the Turnbull government might take if they don't.
Mr Frydenberg is waiting for a report from the Australian Competition and Consumer Commission looking into the energy network, and wholesale and retail prices.
It's due to be delivered to Treasurer Scott Morrison at the end of this month.
"I'm not going to foreshadow any particular action the government may or may not be taking other than to say the companies are on notice," Mr Frydenberg told Sky News on Sunday.
A study last week showed only 39 per cent of Australians trust their energy company, down from 50 per cent in 2017.
The Australian Energy Market Commission's report also revealed Australians feel they get better value for money from banks, and phone and internet providers, than their power companies.
"The companies have not served their customers well, they have a lot of explaining to do," Mr Frydenberg said.
He said action taken by the government so far on gas exports has resulted in prices falling by 50 per cent.
But he took aim at AGL Energy for a previous sale of more than $2 billion worth of gas to Asian markets, describing it as a "terrible decision".
"It short-changed its customers, it was short-sighted, it was irresponsible," he said.
"Now they are looking to build expensive terminals to provide that same service."
AGL last week announced it had struck several deals for its proposed liquefied natural gas import jetty at Crib Point in Victoria, which could help deliver more gas to Victoria and South Australia.
Mr Frydenberg said he had a constructive meeting with his state counterparts last week aimed at getting the National Energy Guarantee signed in August.
"I think the penny's dropped for the states that the National Energy Guarantee is not only plan A, it's actually plan A, B, C and D," he said.
"There is no other alternative on the table."
He said for the first time there is a premium on reliability to ensure the lights don't go out on the east coast of Australia while at the same time lowering power prices.
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